Spartan Planning & Wealth Management Sells 1,365 Shares of AbbVie Inc. $ABBV

Spartan Planning & Wealth Management cut its holdings in AbbVie Inc. (NYSE:ABBV) by 45.3% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,649 shares of the company’s stock after selling 1,365 shares during the period. Spartan Planning & Wealth Management’s holdings in AbbVie were worth $306,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of ABBV. Vanguard Group Inc. increased its position in shares of AbbVie by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 173,917,865 shares of the company’s stock valued at $36,439,271,000 after purchasing an additional 845,787 shares during the last quarter. Northern Trust Corp grew its position in AbbVie by 0.9% during the first quarter. Northern Trust Corp now owns 22,013,920 shares of the company’s stock valued at $4,612,357,000 after buying an additional 189,294 shares during the period. Goldman Sachs Group Inc. increased its holdings in AbbVie by 31.6% during the first quarter. Goldman Sachs Group Inc. now owns 14,646,908 shares of the company’s stock worth $3,068,820,000 after buying an additional 3,519,187 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in AbbVie by 5.9% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 12,771,854 shares of the company’s stock worth $2,675,959,000 after acquiring an additional 713,148 shares during the period. Finally, Dimensional Fund Advisors LP boosted its stake in AbbVie by 0.5% in the first quarter. Dimensional Fund Advisors LP now owns 9,413,033 shares of the company’s stock valued at $1,972,050,000 after acquiring an additional 45,871 shares during the last quarter. 70.23% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, EVP Nicholas Donoghoe sold 13,295 shares of AbbVie stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $198.51, for a total transaction of $2,639,190.45. Following the completion of the sale, the executive vice president owned 58,247 shares of the company’s stock, valued at approximately $11,562,611.97. This trade represents a 18.58% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Azita Saleki-Gerhardt sold 42,370 shares of the company’s stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $198.42, for a total value of $8,407,055.40. Following the completion of the transaction, the executive vice president owned 177,292 shares in the company, valued at $35,178,278.64. This represents a 19.29% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.08% of the company’s stock.

Analyst Ratings Changes

ABBV has been the subject of several research analyst reports. Bank of America raised their price target on shares of AbbVie to $204.00 and gave the stock a “hold” rating in a research note on Monday, June 9th. Evercore ISI boosted their target price on AbbVie from $207.00 to $222.00 and gave the company an “outperform” rating in a research note on Monday, September 22nd. BMO Capital Markets increased their price target on AbbVie from $215.00 to $240.00 and gave the stock an “outperform” rating in a research note on Friday, September 12th. Piper Sandler started coverage on AbbVie in a research note on Tuesday, August 12th. They issued an “overweight” rating and a $231.00 price objective on the stock. Finally, Guggenheim upped their price objective on shares of AbbVie from $216.00 to $227.00 and gave the company a “buy” rating in a report on Friday, August 1st. Four investment analysts have rated the stock with a Strong Buy rating, seventeen have given a Buy rating and six have issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $223.45.

AbbVie Stock Up 1.1%

ABBV stock opened at $222.93 on Tuesday. The stock has a 50-day simple moving average of $207.00 and a two-hundred day simple moving average of $195.12. AbbVie Inc. has a twelve month low of $163.81 and a twelve month high of $225.16. The firm has a market capitalization of $393.82 billion, a PE ratio of 106.16, a PEG ratio of 1.29 and a beta of 0.53. The company has a quick ratio of 0.61, a current ratio of 0.74 and a debt-to-equity ratio of 44.14.

AbbVie (NYSE:ABBV) last released its quarterly earnings data on Thursday, July 31st. The company reported $2.97 EPS for the quarter, missing analysts’ consensus estimates of $3.24 by ($0.27). The firm had revenue of $15.42 billion during the quarter, compared to the consensus estimate of $14.93 billion. AbbVie had a net margin of 6.45% and a return on equity of 699.66%. AbbVie’s revenue was up 6.6% compared to the same quarter last year. During the same quarter last year, the business posted $2.65 earnings per share. On average, equities analysts predict that AbbVie Inc. will post 12.31 EPS for the current fiscal year.

AbbVie Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, November 14th. Stockholders of record on Wednesday, October 15th will be issued a $1.64 dividend. The ex-dividend date of this dividend is Wednesday, October 15th. This represents a $6.56 annualized dividend and a dividend yield of 2.9%. AbbVie’s dividend payout ratio is presently 312.38%.

About AbbVie

AbbVie Inc discovers, develops, manufactures, and sells pharmaceuticals worldwide. The company offers Humira, an injection for autoimmune and intestinal Behçet's diseases, and pyoderma gangrenosum; Skyrizi to treat moderate to severe plaque psoriasis, psoriatic disease, and Crohn's disease; Rinvoq to treat rheumatoid and psoriatic arthritis, ankylosing spondylitis, atopic dermatitis, axial spondyloarthropathy, ulcerative colitis, and Crohn's disease; Imbruvica for the treatment of adult patients with blood cancers; Epkinly to treat lymphoma; Elahere to treat cancer; and Venclexta/Venclyxto to treat blood cancers.